The Property at 1115 Braeswood is located within the Texas Medical Center and is a former Houston Health Department facility. The City proposes a conditional sale of the property at this time. The sale will close after Council approves the final Hermann Park utility easement.
The Buyer intends to demolish the building and build a new substation. Once connected to the CenterPoint's infrastructure via the utility easement in Hermann Park, it will provide electricity to the Texas Medical Center
Therefore, it is recommended that Council approve a Purchase and Sale Agreement with CenterPoint Energy for the sale of the Property for a purchase price of $15,000,000.00.
The net proceeds of the sale of the Property will be directed to General Fund.
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Andrew F. Icken
Chief Development Officer